New Jersey Economic Development Authority Proposes New Liquor License Acquisition Grant Program for Small Businesses
Earlier this year, New Jersey passed legislation intended to overhaul its antiquated liquor license laws. That reform was intended to boost the number of available liquor licenses across the state and reduce restrictions affecting New Jersey's breweries, distilleries, and restaurants. Governor Murphy's press release here.
As...
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New Jersey fires another shot at New York over telework taxation
In the border battle brewing between NJ and NY over the taxation of remote workers, the NJ Division of Taxation has just released guidance (dated September 20, 2023) addressing NJ's plans to provide tax incentives (a GIT tax credit) to a NJ resident who successfully brings and wins a legal challenge against...
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New York Pass-Through Entity Tax (PTET) — Updates
On August 17, 2023, the New York Department of Taxation and Finance published updated guidance affecting the Pass-Through Entity Tax (PTET).
In response to the federal T.C.J.A. $10,000 SALT deduction cap, the PTET is an optional tax, imposed under Article 24, where partnerships and NY S Corporations can make...
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New Jersey Department of Treasury Updates List of “Unclaimed Property” — $ 6 Billion in Unclaimed Funds Being Held
On August 21, 2023, the New Jersey Department of Treasury's Unclaimed Property Administration published an updated list of unclaimed property -- up to $6 billion in funds -- being held by the Treasury. In summary, under certain circumstances set forth in the unclaimed property laws, property that has been abandoned...
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IRS Ending “Unannounced” Field Visits by Revenue Officers
In a fairly significant change from past practices, the IRS recently announced that its tax collection agents (Revenue Officers) will no longer make "unannounced" visits to taxpayer homes and businesses.
An IRS Revenue Officer is tasked with the responsibility to attempt to collect tax debt that is listed as...
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Major Corporate Income Tax Developments in Both New York and New Jersey
Hot of the press - major corporate income tax developments in both New York and New Jersey.
New York
New York significantly reformed its Corporation Franchise Tax back in 2014 (effective 2015). On August 9, 2023, the Department of Taxation finally published long awaited proposed regulations....
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New Jersey “Sales Tax Holiday” Approaching 08.26.23 – 09.04.2023
As summer rolls on, it's never too early to start thinking about (and budgeting for) the approaching start of the school year and all of the family and household purchases that come with it. Fortunately, the New Jersey Division of Taxation has announced an upcoming “sales tax holiday,” which is a temporary...
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Collecting but Not Remitting Sales Tax? Some Taxpayers Go to Jail For That!
Is your business collecting but not properly remitting sales tax? If so, some taxpayers really do go to jail for that! Let's take a brief look at two "hot off the press" examples:
New York: On July 21, 2023, a Staten Island, New York locksmith pleaded guilty to New York...
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